We wish to lead the transformation of our industry and show that beautiful, crafted jewellery goes hand in hand with sustainable business practices. It has been no small endeavour to navigate through 2022. The business climate has been marked by geopolitical and economic turbulence, but Pandora’s priorities for sustainable business remain unchanged. We wish to lead the way. Leadership in sustainability is a key foundational pillar of our Phoenix business strategy because it supports our long-term growth and helps us future-proof the company. Our perfor- mance in this area makes us more resilient and positions us well to meet the changing demands from regulators, consumers, and investors. In 2022, we made significant progress on our three strategic priorities to become a low-carbon, circular, and inclusive, diverse and fair business. We are on track to halve emissions across our full value-chain by 2030 as part of our ambitious science-based target.